Multi-Unit Real Estate & Site Selection Advice - Ever-Evolving Markets
Earlier this year, contributing writer Sara Wykes interviewed several multi-unit franchise operators about how they handle site selection and real estate challenges in today's market. She spoke with a number of operators who talked about finding that perfect franchise location, one that augments the odds of success and reduces the risk of failure.
Here are some insights culled from her interviews:
Staying on top of an ever-evolving market is also important--and changes are clear to some who have been around the block a few times. "I'm seeing more and more vacancies and higher and higher rent," says Alleman. "More and more retail is moving online and a lot of strip centers are moving toward services. Restaurants are chasing square footage, putting in fewer chairs, and expecting more deliveries and carryout."
But, he says, "The process becomes easier as you have real world insight to what scenarios pose the best opportunities and outcomes for the brand. You tend to know what other non-competitive concepts you need to be around. You know what anchors bring in the best demographics. Experience provides the confidence that you need to be effective. Now, I don't just rely on an analytics tool, a single report, or even the broker's suggestion. It tends to be a blend of all of the data that we use to find the right sites."
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